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RESERVOIR MINERALS INC V.RMC

"Reservoir Minerals Inc is engaged in the acquisition, exploration and development of mineral properties in Serbia, Cameroon, Gabon, Macedonia and Romania."


TSXV:RMC - Post by User

Comment by rob926on Nov 20, 2013 4:00pm
192 Views
Post# 21924485

RE:RE:RE:Trying to process this...

RE:RE:RE:Trying to process this...psj567 you are right they took out the whole slide. I looked back at several other presentations and it was also out. Looks like the July presentation might have been the only time they showed Serbia as a greenfield location. We know Freeport is cutting back on 2014 cap-ex since their merger this year with their old oil company. The merger brought on a ton of debt plus the low copper prices have not helped any. I did notice they changed their cap-ex percentages by region. They brought down other areas by 3% and evenly upped the other 4. They were planning on spending 31.2 million in their July presentation and now they are planning to back that down to 27.3 million. It would have been a better vote of confidence if they moved the spending up instead of down. At least it is 21% of the new forecasted budget while it was on 13% of this year’s budget. While we are on budgets something does not add up. This year’s budget was 24 million for other projects. If Serbia is the only greenfield project (the July slide only showed Serbia) why did Freeport say they were stopping drilling so they would not go over their 12.9 million budget they have for 2013. Either they have other property they are drilling on in Serbia or they have another budget for the 100% owned Reservoir leases where they have drilled 8 holes plus their clandestine activities of late. This new cap-ex for other areas also does not line up with the quote out of Serbia that Freeport was going to spend 25 to 40 million Euros which is about 33.5 to 53.6 million dollars. This close to the new year I would trust their latest budget projections more than Serbian politicians (bummer!). I still would like to know where they spent the extra 11.9 million this year on other areas?
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